Is it time to update your estate plan?
As of January 1, 2020, the amount exempt from federal estate taxes is $11,580,000.00 and the amount exempt from Washington State estate taxes is $2,193,000.00. As the amount exempt from estate taxes continues to increase, and the taxation of trusts becomes more complex, I am suggesting that my clients evaluate the necessity of a trust to avoid estate taxes and consider other changes that might be appropriate for their estate plans. To begin with, should your surviving spouse be named as the personal representative or trustee? I have worked on a number probates where the surviving spouse was not the… Continue reading